Goldberg Coins & Collectibles Auctions.
Sale 31: The Pre-Long Beach Auction May 30 - June 1, 2005
Lot 2129

Great Britain. Silver Pledge Halfpenny, 1601. Elizabeth I 
(1558-1603). Not listed in Spink. Peck-6 (called "very rare"). 
Crowned royal monogram on obverse includes each of the 
letters of "ELIZABETH R." Portcullis with date above on 
reverse. Stops in the devices reminiscent of those used on 
Anglo-Saxon pennies, which seemingly function primarily to 
balance the design. 

Elizabeth resuscitated the national money and treasury after 
it had been neglected by her brother Edward and her 
nurderous sister "Bloody" Mary, and soon restored gold and 
silver coinages to high standards of value. 
She issued a wide variety of denominations, including the 
famed Portcullis Money for foreign trade and some of the 
first true patterns in English numismatic history,
including this coin. Copper coinage had previously never had 
royal sanction, only gold and silver. It was suggested to 
issue copper "pledges" of value, backed in exchange by The 
Crown in quantity by silver. The concept never got to the 
minting stage, other than in the form of a few very rare 
patterns. Some are known in silver, and some in copper with 
a silver "wash". 
These have long suffered from a dubious origin, being suspect by both Montagu and Peck, but Stephen Martin Leake 
mentions them on p. 259 of his "Historical Account of 
English Money", published in 1793 and collectors now avidly 
seek any of these pledge issues as part of Elizabeth's 
numismatic heritage. 
Believed by the consignor to be second finest known of the 
four pieces in private hands. 
Estimated Value $3,250-3,500. 

Provenance: The Cheshire Collection.

Courtesy Ira & Larry Goldberg Auctioneers, Beverly Hills, 
CA. www.goldbergcoins.com